LBBW
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German state launches oversubscribed €500m deal close to secondary curve -
IADB taps sterling while two other issuers mandate for new issues
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◆ German bank starts touring to showcase its new Australian dollar programme ◆ Debut Kangaroo may follow soon ◆ A benchmark deal has potential for record size in currency
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Issuer gets three times oversubscription in a trade that bankers said would hopefully ‘give people confidence’
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◆ Five year trade among the tightest this year ◆ Small single digit premium needed to seal the deal ◆ Investors came in after pricing despite the tight spread
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The largest order came from an account new to the name
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German lender has not publicly issued Australian dollar debt since 2019
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Dollar paper trades wider than euros, but issuer is happy to pay up to diversify
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Another German agency achieved a greenium to follow on from KfW deal
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Issuers stick to the Länder rule book to maximise pricing
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German SSA supply set to continue in holiday-filled week
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Blockchain bonds are usually sold to just one or two investors in the primary market
